The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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While a busy road, rough neighbourhood and poor fixtures and fittings might be many assumptions as the number one buyer turn off, a new survey suggests that it's something far different.
Research from Aussie Home Loans into the top features buyers look for, and what they dislike, has found that the smell of cigarette smoke is the biggest turn off, with 69.1% of house hunters and renters saying it makes them steer clear. Pet smells came in far lower at 53%.
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<a rel="shadowbox" href="/images/stories/2013/09/20/home-sep20-table-big.jpg" title="Click to enlarge"><img src="/images/stories/2013/09/20/home-sep20-table-small.jpg"></a>
This distaste for cigarette smells was even more evident from the younger generations, aged 25 to 34, with 71.9% finding it to be the most offensive.
A busy road location, as expected, came in second with 65.8% of respondents citing it, with a dirty house coming in third with 61.6%.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/09/20/home-sep20-table-two-big.jpg" title="Click to enlarge"><img src="/images/stories/2013/09/20/home-sep20-table-two-small.jpg"></a>
While it may come as a surprise to renovators, while a good neighbourhood is the most appealing attribute (68.2%), a modern kitchen came in down the list at third, 63.4% and a modern bathrooom was number seven, with 50.2% citing it.
“We undertook the survey feeling confident that we would know the outcome, but were surprised to find some things were not as much of an issue for homebuyers as we expected,” said Aussie’s general manager for marketing and product, Stuart Tucker. 
“It should be a great guide on whether they need to renovate or tidy some rooms, how to dress their house, and an idea of what areas may be beyond their control, like their neighbourhood and location. Also how to prioritise their advertising message with their real estate agent," said Tucker.
“With the real estate market hotting up this Spring, this list should help canny sellers get a head start on the competition,” he said.
Nine Rewards surveyed 1,000 people for this Aussie Home Loans research.
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jduke-EHk3XBmHkn

Biggest buyer turn off might not be as expected

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Following this week’s $US41.5 million auction sale of the former Versace mansion in Miami, our property contrarians, Jonathan Chancellor and Margie Blok argue whether to buy the closest thing locally- an apartment in Palazzo Versace on the Gold Coast.
<img src="/images/stories/2013/09/06/HE-SAID-WORDS.jpg" width="132" height="30" alt="HE-SAID-WORDS"><img src="/images/stories/2013/09/06/NO.jpg" width="55" height="30" alt="NO"><img src="/images/stories/2013/09/06/jc-silhouette-5.jpg" width="100" height="150" alt="jc-silhouette-5" style="float: right;">
Forget the ubiquitous Medusa. If you hanker for Versace décor, just buy a couple of cushions, not a theme park condo.
<img src="/images/stories/2013/09/20/SHE-SAID-PERHAPS-22.jpg" width="470" height="30" alt="SHE-SAID-PERHAPS-22">
<img src="/images/stories/2013/09/06/mb-silhouette-4.jpg" width="100" height="150" alt="mb-silhouette-4" style="float: left;">There's nothing comparable to your own Versace-designed pad. Especially the late Gianni Versace's extravagantly grandiose Miami mansion, Casa Casuarina, the 10-bedroom, 11-bathroom Mediterranean-style mansion, albeit on the very busy tourist strip, at 1116 Ocean Drive, South Beach. 
At this week’s court-ordered bankruptcy auction of Casa Casuarina, no less than the real-estate kingpin and TV reality-show celebrity, Donald Trump, was the underbidder for the property .
It sold to a group that includes New York’s Nakash and Gindi families who own the Hotel Victor, just next door.
International Versace devotees still have the Gold Coast option, and sooner or later Dubai, and then next Macau for cheaper Italian fashion house Versace resort property prospects.
The Gold Coast option came first, back in 2000, and the developer of the much-delayed Dubai resort Palazzo Versace has just this week confirmed the opening date has been pushed back another 12 months.
The developer Enshaa Services Group said it was now not due to open until the second half of 2014, having been due to open in 2009 on its Dubai Creek location.  They took control in a swap deal with the former Australian joint venture partner, Sunland Group, which took 100% ownership of the Palazzo Versace Gold Coast, with Sunland then subsequently selling their Gold Coast. 
No doubt true to the brand's signature ornate style, the 270-room Macau hotel is set to open by the end of 2017. It will operate on a similiar concept licencing agreement with the Versace Group have no interest it its day to day hotel revenues.
There are 72 Palazzo Versace condominium on Queensland's Gold Coast. And when not in use by the PV owners they often get rented out through the adjoining Palazzo Versace hotel. Some do it to recoup their body corporate fees.
Given there are only six permanent residents, this option seems to be the norm.
But beware you’ll be obliged to retain all the Versace décor -  described as the "stunning, irreplaceable, Versace furniture package”, as its a pre-requisite for letting through the hotel.
But why in the world would you want to rid the condo of the fixtures? Synonymous with Versace style - though certainly not everyone’s cup of tea - is the sumptuous and extravagant décor of these condominium interiors finished with gold leaf ceilings, gleaming marble and parquetry floors, faux marble columns, panelled walls, heavy silk drapes, padded bedspreads and de rigueur Versace silk and velvet cushions. 
On the Broadwater at Main Beach, Palazzo Versace has the condominiums with the adjacent hotel having 200 rooms and suites.
Over the years, the PV condominium owners have included fashion designer Lisa Ho (between 2000 and 2005); the former Daydream Island owner Vaughan Bullivant and his wife Carmel; the seniors' tennis champion, Adrian Alle, and the BRW Rich Lister Greg Poche - who incidently is still trying to flog the Channel 10 Bachelor mini series house at Bayview on Sydney's northern beaches. 
Didn't Brynne Edelsten snap one up last year?
And my spies tell me mining tycoon Clive Palmer picked up a couple of Versace condos too - which will no doubt pop up in any parliamentary pecuniary interest declaration he might make if he's elected to the Australia parliament.
Ofcourse international stars including the Rolling Stones and Beyonce have stayed in the luxury apartments since the hotel opened in 2000, the first of its fashion branded alliegance in the world. Last year the hotel sold for $68.5 million to a Chinese consortium following approval from the Foreign Investment Review Board.
They obviously chose to overlook educator and architect critic Norman Day's 2002 review which described the place as "a rather plain, little, prefabricated structure overburdened with the drippings of Donatella and serviced by young people wearing black and gold."
"The aim of the place is admirable: provide a good quality hotel and decorate it (well, smother it) with Versace colours, crockery, fabrics, cutlery, badges and "character".
"Most people will be pleased with the result," Norman Day was gracious enough to concede.
There are currently around six Palazzo Versace condominiums up for sale from a $1.1 million asking price
<a href="https://www.propertyobserver.com.au/queensland/gold-leaf-ceiling-comes-with-palazzo-versace-gold-coast-condo-with-%2415-million-hopes/2013051461183" target="_blank">There's one that came onto the market with $1.5 million plus hopes in May</a> (pictured below), a redecorated three bedroom, three bathroom pad which is is now listed at $1.35 million. <a target="_blank" href="https://www.realestate.com.au/property-apartment-qld-main+beach-114478179">Artisans have been at work</a>, says the listing agent. Its marina is 15 metres. Apparently it's not in the hotel rental scheme as it doesn't have the official Versace furniture package.
{yoogallery src=[images/stories/2013/05/may10palazzo]}
There is also a two-bedroom two-bathroom north-facing rooftop residence with a 21 metre marina berth, two car spaces and a storeroom (no doubt for the golf clubs). Offers are being sought above $1.1 million through Russell Stuart of PRDnationwide Surfers Paradise, whose realestate.com.au website listing notes: “The owners are serious committed sellers and have already purchased another property! Make no mistake, they are absolutely committed to selling! They have loved their time at 'Versace' but they are now moving to a colder climate - so this has to go! There are only a handful of north facing condos at Palazzo Versace, and even fewer with a 21 metre marina berth, so this is an exceptional opportunity!”
The dearest offering is an ambitiously priced $5.29 million penthouse. At least the leasehold title reduces the Queensland purchasing stamp duty. And no land tax too.
I recall writing after my first visit in 2001 that the 72 condominiums fetched record Gold Coast prices having sold off the plan and during construction. About 70% of the buyers were Australians who paid prices ranging from $900,000 to $4.9 million for one of the penthouses. The buyer composition has expanded a tad internationally, but seemingly the prices haven't strayed far from original purchase prices.
Back then the furniture and decor packages were costed between $200,000 and $400,000 on top of  the condominium purchase price.
Certainly buyers will find there's better value elsewhere on the Gold Coast, but each to their own. Keep an eye out for Versace-loving Kiwi vendors keen to take their money back home, or Sydneysiders from the Shire who want to reinvest their proceeds into a self managed super fund.
Oh one last thing - be sure to have your solicitor brief you on the unresolved issue of water usage costs.  The condominium owners claim they have been subsiding the hotel's water usage. And that's more than a trickle given its 200 spa baths, commercial kitchen, laundries and sumptuous lagoon swimming pool. 
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The Gold Coast's Palazzo Versace condos? He Said/She Said

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People are generally very familiar with median sale prices, they are the middle value when all sale prices are arranged from highest to lowest in a suburb. They allow you to compare demand in an area but do so by reference only to the homes actually sold.
Another useful metric for buyers and sellers is median value. The median value is middle value when the estimated valuation of all properties are arranged from highest to lowest.
Because the median value is based on the value of all properties it is a more stable measure than the median sale price. Median sale prices can be quite volatile due to the small number of sales – particularly in small suburbs and also due to differences in the actual homes sold.
A good example is the market for houses in inner city Fitzroy. Its median sale price in the 12 month ending June was $818,375 and this was based on 82 sales. This compares to its median value from the RP Data Suburb Scorecard of $873,033, based on the 2,347 house in the suburb.
For buyers and sellers this suggests that sale prices have been at a discount over the last year which is a reflection of the market being below its peak, and also an indication value can be found.
Now like all property data its very informative but it won’t tell you what a home will actually sell for because that is ultimately set by the market – what the sellers are willing to pay and the buyer willing to accept.

<hr>
Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
 
 
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What median sale values can really tell you: Robert Larocca

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Put simply, the federal government’s policy on foreign investment is pushing properties out of the reach of Australians.  
Under existing laws, developers are able to sell 100% of their developments to non-residents.
The knock-on effect has seen some developers almost exclusively marketing properties to foreign buyers who have deeper pockets than Australia’s first home buyers.  If the rules didn’t dictate that they need to also locally market then they most likely wouldn’t bother, as very few locals will pay the prices they can command from foreigners who are keen to get their money out of their home country and into Australia.
Prior to 2009, developers were only allowed to sell up to 50% to non-residents. Personally I thought that 50% was more than double what it should have been as that sizable percentage is enough to skew the local market value of a development.  But in an attempt to stimulate the construction market, the then Rudd Government relaxed the laws allowing 100% of new developments to be sold to foreigners in what I regard as a knee-jerk reaction to the GFC.
There is little doubt from those with their finger on the pulse that the change of rules contributed to the real estate market rising as much as it did in 2009.  One of the changes that I believe was so impressionable on the market rising (which about 14 months later was reversed) didn’t even require foreign buyers to apply for purchasing approval.  Can you imagine a situation where a foreigner could just look at domain.com.au, decide they want to buy a property they see, email the selling agent with an offer, then proceed to exchange contracts?  It sounds crazy but essentially that was what was happening.
Australia’s relatively strong economy and history of fairly stable and constant capital growth for real estate in its major cities will continue to drive foreign investment in Australia and push prices much higher than they already are.
The proportion of new houses and apartments being purchased by foreign buyers has doubled in the space of two years. According to the latest NAB residential property index, foreign buyers now account for between 12% and 13% of all new residential property purchases. Harbourfront developments like <a href="https://news.domain.com.au/domain/real-estate-news/barangaroo-apartments-sell-out-20130831-2sxal">Sydney’s Barangaroo which sold out before lunch</a> on the launch day including one-bedders at $1 million, two-bedders at $2 million and three-bedders at $3 million are further evidence of a fuelled market. Total sales exceeded $300 million in the first release.
The current policy is forcing generation X and Y into becoming a generation of renters at a greater percentage than they otherwise should or would like to be.  This will have many other knock-on effects in years to come for example it’s likely to put extra pressure on the social security system as buying and paying off your own home is a form of forced saving. As, let’s face it, most people who rent don’t invest at the level they should to avoid renting forever.
If the new federal Abbott-led government doesn’t tighten up foreign investment laws, non-residents will continue to buy Australian real estate (both residential and farming) at an increasing rate as they want their money in Australia because they see it as a stable, strong economy especially compared to their own.
No doubt most Australians like me are more than happy for non-residents who are here on working visas to buy properties and enjoy them while they’re here if they don’t want to rent on the proviso that they sell them when they leave.  I fail to see how allowing non-residents to buy Australian real estate - in many cases not even renting them out - is helping Aussies fulfill the great Australian dream of buying their own home which should be the core mission of any government policy in regards to housing.
 
<hr>
 Patrick Bright is the founder of Sydney-based buyer’s agency <a rel="nofollow" href="https://%20www.epspropertysearch.com.au/" target="_blank">EPS Property Search</a>.
 
Patrick is the author of four best-selling real estate books known as “The Insider’s Guide to Buying Real Estate Series.”
 
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Foreign buyers are pricing Aussies out: Patrick Bright

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Experienced investors in real estate have always been well aware of that the labour markets on a macro and micro level impact the property markets. Ultimately, people are going to live close to where their jobs are and they need well-paid jobs to afford to buy houses. Thus, it makes sense to invest where there are a range of industries, strong jobs growth and real wages growth.

It's something Margaret Lomas highlighted in her book <a href="https://majorstreet.com.au/investing-in-the-right-property-now/" target="_blank">Investing in the Right Property Now</a>:
'We are more than a decade into the 21st century and it's high time we began to act and think like we live in this century, rather than the last!' says Margaret. Investors today need to understand the dynamics of how macro and micro economies operate and how they affect the property markets."
This is very much true. I look through a wide range of factors when choosing a location to invest in. On a macro level, strong population growth is one. Jobs growth is another. I want to see real wages and household income growth and a diversified range of industries.
I want to invest in land-locked areas of cities where there is no land available for release so that the market cannot easily be flooded with new supply (which distorts median prices but does nothing positive for the value of existing dwellings). Additionally, I want there to be a wave of speculative investment capital hitting the location and property types I own in order that prices are forced up.
The thing to be wary of is experts selecting data to support their own previously held convictions about which is the city with the strongest fundamentals, growth prospects and so on. I know a lot about this, because I sometimes do it myself.
Population growth
The Northern Territory only had a small absolute population growth at 4,200 persons in the year to December 2012 according to the Australian Bureau of Statistics (ABS), although with a state population of under 237,000 this actually represented growth of 1.8%. Darwin's median prices have been pumped up from around $200,000 to around $600,000 due to a cripplingly short supply in a remarkably short period of time.
Personally, I absolutely loved living in Darwin when I worked in the NT - it's one of my favourite cities - but the housing market is a law unto itself. From an investor's perspective, it's a case of 'dabble at today's prices at your own risk' for mine.
Tasmania's population, as noted, is essentially flat, increasing by 400 persons in the year.
The population of the ACT increased by 8,600 in 2012 to 380,000, but unfortunately jobs cuts make Canberra's property markets an unappealing prospect, as I discuss in more detail below.
Australian population growth of 394,200 persons or 1.8% in 2012 makes the country a potentially appealing prospect for property investors, but where are all those persons heading? To four states in particular:
VIC +99,500
QLD +92,500
NSW +90,400
WA +83,000
SA +15,600
With the exception of South Australia, these are very significant numbers. The population growth does not all occur in the respective capital cities, of course, although a large proportion of it does.
Weak labour markets
Sadly, Tasmania's labour market has been weak. The unemployment rate is very high in Australian terms at 8.2% and population growth is essentially non-existent. There are, therefore, few drivers for growth and the property markets are likely to remain weak.
Canberra is another example of a labour market which is expected to weaken. Unfortunately, thousands of jobs are likely to be cut. The numbers vary depending on the report and the source - the Canberra Times reported this week that 4,500 jobs may be cut in the city, which is a large number for a small city (population of only 370,000) with a small workforce.
Accordingly, SQM Research forecasts property prices to fall in Canberra through 2014.
Unemployment rate
I've already noted the existing and forthcoming unemployment issues in Canberra (ACT) and Tasmania. According to the Australian Bureau of Statistics (ABS), elsewhere unemployment rates are:
WA 4.6%
NSW 5.6%
VIC 5.7%
QLD 5.9%
SA 7.1%
Western Australia's unemployment has been the lowest in recent times with mining activity and employment attracting thousands of people to the state each year. South Australia's elevated unemployment rate is becoming a worry.
Jobs growth
Over the last 12 months, the following jobs have been added per the ABS:
NSW +64,000
QLD +25,600
VIC +24,100
WA +18,700
SA -10,200
It's all about New South Wales over the last few years, although the growth has actually slowed to 64,000 jobs from previously higher levels.
Western Australia's employment growth has been impressive, but has also slowed of late as the mining construction boom passes its peak and we shift towards the production phase.
South Australia, on the other hand, is now losing jobs at quite a rate for a relatively small population, and that is worrying for the outlook in that state.
The above numbers do not explain the disparity between NSW and SA clearly enough. The below chart from the Reserve Bank of Australia, however, does show the massive gap in employment growth between NSW (+200,000 jobs) and Tasmania/South Australia (flat) over the last three years.
<img alt="Graph 3.20: Employment by State" height="328" src="https://www.rba.gov.au/publications/smp/2013/aug/images/graph-3.20.gif" width="400" style="padding: 5px; border: 1px solid #ebebeb; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
Wrapping it up
As I said, we all need to be wary of people providing data supporting their own viewpoints. But with a booming population, thriving jobs growth, lower unemployment and a inadequate supply of appropriate dwellings, it's patently obvious to me that Sydney has by far and away the strongest fundamentals of any of the major city capital markets.
And that's before we even mention that around 50% of housing financing activity is now for investors. Investors from Australia and overseas (mainly China, reportedly) are snapping up properties on average in well under 30 days 'time on market', while auction clearance rates are hitting staggering levels.
Don't take my word for it, by the way: read SQM Research's <a href="https://www.sqmresearch.com.au/boombustreport.php" target="_blank">Boom and Bust Report</a> where they forecast growth of 15-20% next year in Sydney...and 20-30% if the economy recovers.
On the flip side, South Australia is shedding jobs, has high unemployment at 7.1%, weak population growth, and has seen promised mining investment both shelved and scrapped. Therefore it is unsurprising that the market prices have barely budged since the Adelaide market was picked by some commentators as the city markets 'hotspot' capital of Australia five years ago. Melbourne, and now Sydney, will prove to have been comfortably the best selections over that timeline (Darwin also would have been a better pick).
<img alt="Dwelling Prices graph" src="https://www.rba.gov.au/chart-pack/images/5-6-household-sector/6bl-dwelpri-small.gif?accessed=2013-09-17-22-59-18" style="padding: 5px; border: 1px solid #ebebeb; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
I find it really odd that few commentators seem to ever discuss this apart from me (or maybe I just don't see the commentary?).
I still can't see where this expected so-called booming property price growth in Adelaide is going to come from? Am I missing something? Can anyone enlighten me? Cancelled mining expansions and projects in the state are hardly going to help. 
 
<hr>
Pete Wargent is the co-founder of <a rel="nofollow" target="_blank" href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a rel="nofollow" target="_blank" href="https://petewargent.blogspot.com/">blogger</a>. You can contact Pete on <a href="https://twitter.com/PeteWargent" target="_parent">Twitter</a>.
His new book '<a rel="nofollow" target="_blank" href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>' was released on 1 September 2013.
 
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How are the states' changing population and labour markets impacting property? Pete Wargent

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When you buy an apartment or townhouse you also become a member of an owners’ corporation, (which used to be called the body corporate), and its best as a buyer you know a few things about it. The normal matters to look at are the rules, fees, operations and such. But one of the most critical things to find out before you buy is whether or not it’s a “happy” OC.

The OC is there to make life easier for residents in the <a href="https://marketnews.com.au/tag/development/" class="st_tag internal_tag" rel="tag" title="Posts tagged with development" style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;">development</a> and most of them work well. They have a meeting every few months and sort out matters such as insurance, accounts, painting, necessary repairs or other matters in a smooth and easy manner. But occasionally there are some that don’t – and you should make sure that you don’t find yourself becoming a member of an OC from hell.
Sometimes it can be so bad that people decide to sell their recently purchased apartment purely because they find out they’ve joined an OC which doesn’t work.
<ul>
<li>
It may be dominated by a small group of people who feel they own it;
</li>
<li>
It may have an ineffective manager;
</li>
<li>
The members may not be willing to spend any money;
</li>
<li>
Or they simply can’t agree on anything.
</li>
</ul>
Solutions:
You can easily discover how an OC works by getting copies of the last few OC minutes and reading them carefully.
Look to see if there is a person or group who resists everything and makes it impossible for the OC to operate.
Things such as ongoing disputes, drawn-out legal actions, refusal to approve requests from owners and money arguments over minor things are all matters for some concern and may cause you problems in future.
The badly-operating OC may cause you stress, it may cost you money or it may prevent you renovating or having a new pet – so check it out carefully.
As well as reading through the minutes, it may be worth having a chat with another resident or the OC manager to see how it works. Think carefully if you feel you may be getting into a situation you’re uncomfortable with. Your purchase of a new apartment is meant to be a positive lifestyle <a href="https://marketnews.com.au/tag/choice/" class="st_tag internal_tag" rel="tag" title="Posts tagged with choice" style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;">choice</a> so make sure that it works for you.
 
<hr>
 Mal James is principal of<a rel="nofollow" target="_blank" href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.  
 
 
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Make sure your your owners' corporation is a happy one: Mal James and John Hazen

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Toyota Tsusho South Pacific Holdings Pty Ltd has leased 1,000 square metres of office space in the CB1 building in South Brisbane.<img style="float: right;" alt="south-brisbane-sept-18-two" height="231" width="200" src="/images/stories/2013/09/18/south-brisbane-sept-18-two.jpg">
The CB1 building is owned by the ASX listed A-REIT Growthpoint Properties Australia and sits within the bigger $300 million SW1 mixed-use development.
The lease was struck on a 10-year term, at an annual rental of about $550 per square metre.
Peter Dodd and Alastair Dunlop of Savills negotiated the 104 Melbourne Street (pictured right) lease.
The Brisbane based company manages and supports Toyota distributors throughout the South Pacific region, namely in Papua New Guinea, Fiji, Vanuatu, Solomon Islands, Samoa, American Samoa and Tonga.
 
<hr>
Correction notice: this article has been amended since initial publication.
The original article identified the CB1 building as being owned by “South African company Growthpoint Properties Australia.” 
Growthpoint Properties Australia is actually an ASX listed property group which is majority owned by South Africa’s largest listed property company, Growthpoint Properties Limited. 
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Toyota Tsusho South Pacific  lease South Brisbane office space

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Soup and juice bar concept store, Green Press, has secured a new retail lease at the west end of Collins Street in Melbourne’s CBD.
The 39 square metre lease, at 500 Collins Street (pictured below), was struck at more than $1000 per square metres for a term of three years.
<img src="/images/stories/2013/09/18/melbourne_sept_18_one.jpg" width="470" height="313" alt="melbourne_sept_18_one">
Other tenants to recently move into the building include Kartel and Henry &amp; the Fox.
Savills Australia agents Michael Di Carlo and Jeremy Marmur brokered the lease.
Mr Di Carlo said the deal was a further indication of the renewed interest in the CBD retail sector, as recent consumer spending data suggested the market had seen the bottom of the cycle.
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Green Press soup and juice concept bar lease Collins Street space

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The Rocks is no longer just one of Sydney's most popular tourist destinations. It seems the historic heartland is fast capturing the attention of businesses and government.
Government Property NSW has taken out a five year lease for about 2,140 square metres of contiguous office space at 88 Cumberland Street. The lease was struck at an initial gross rental of $740 per square metre per year.
In a separate deal, engineering and technical recruitment firm Sniper Solutions has leased about 50 square metres in the same Cumberland St building for an initial gross rental of $625 per square metre. The Lessee had previously occupied about 112 square metres within the same building.
Cumberland Street Developments owns the five-storey building
Nearby, at 111 Harrington, migration and education services firm Uvision leased a strata suite for about $775 per square metre. The term of the lease is for one year.
The Sniper Solutions and Uvision leases were negotiated by Ray White Commercial office leasing director, John Skufris.
Mr Skufris said businesses were drawn to the area because of its close proximity to George St, Wynyard and Circular Quay, as well as the greater availability of metered parking.
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The Rocks captures the attention of office leasings

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One of Sydney's marquee real estate sites - the Sydney Opera House car park has been slated for sale, with price expectations of about $80 million.
The property is being offered for sale on behalf of receivers, KordaMentha and is expected to attract strong interest from international and domestic institutional investors.
<img alt="syndey-sept-19-three" height="428" width="470" src="/images/stories/2013/09/19/syndey-sept-19-three.jpg">
Prior to falling into the hands of receivers, the prized asset was owned by Mariner Financial - a company founded by Bill Ireland. Mariner reportedly purchased the car park for about $75 million in 2004.
McVay Real Estate has been instructed to sell the long leasehold.
A key attraction for buyers is expected to be the property's stable income stream, which is estimated to be about $7.6 million.
<img alt="syndey-sept-19-one" height="263" width="470" src="/images/stories/2013/09/19/syndey-sept-19-one.jpg">
"This is not just a car park," said McVay's managing partner Sam McVay. “This is a critical piece of infrastructure servicing the largest city in Australia and one of the most famous buildings in the world."
Completed in 1993, the 12- storey premises has about 1200 parking bays and is operated by Wilson Parking.
<img alt="syndey-sept-19-two" height="244" width="470" src="/images/stories/2013/09/19/syndey-sept-19-two.jpg">
The expression of interest campaign starts on Thursday.
Mr McVay believes offshore and private investors will be attracted by the high yield on offer for a relatively passive investment. “With no lease incentives to be paid out, investors are getting a truly net return, " he said.
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